Stocks of the Hour: iSelect, Meeka Metals, Mayne Pharma

iSelect (ASX:ISU) announced today that it has entered into a Scheme Implementation Agreement with Innovation Holdings Australia who currently hold 26.0% of iSelect. Under the proposal Innovation Holdings will acquire all of the shares in iSelect that it does not currently own. The Scheme is subject to certain conditions but if implemented, iSelect shareholders will receive cash consideration of $0.30 per iSelect share. Shares are trading 75 per cent higher at 28 cents.

Meeka Metals (ASX:MEK) has announced a significant new gold discovery. The new results show broad zones of high-grade gold were intersected, at the northern end of the company’s St Anne mine. Meeka Metals will present on ShareCafe’s hidden gems webinar this Friday lunchtime. Shares are trading 37 per cent higher at 7 cents.

Mayne Pharma Group Limited (ASX:MYX) today announced that it has entered into an agreement with Catalent (NYSE: CTLT), the global leader in enabling biopharma, cell, gene, and consumer health partners to optimise development, launch, and supply of better patient treatments across multiple modalities, to sell Metrics Contract Services for a total cash consideration of US$475 million. Mayne Pharma will receive approximately US$445 million in net proceeds after transaction costs, restructuring costs and customary closing adjustments. Mayne Pharma’s Chair Mr. Frank Condella said, “I am pleased to announce the sale of Metrics which is a key driver of the Company’s transformation agenda to reposition Mayne Pharma for growth. This transaction unlocks significant value for Mayne Pharma shareholders and creates a leaner and more focused business with financial flexibility to support its strategic priorities. Shares are trading 9.6 per cent higher at 37 cents.
 
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